Advertisement

Updated February 14th, 2020 at 18:37 IST

RBS changes name to NatWest in bid to shed legacy of bailout

The majority state-owned U.K. bank RBS announced a name change on Friday as it tries to leave behind its near-collapse during the 2008 financial crisis.

RBS changes name to NatWest in bid to shed legacy of bailout
| Image:self
Advertisement

The majority state-owned U.K. bank RBS announced a name change on Friday as it tries to leave behind its near-collapse during the 2008 financial crisis.

The bank said it will now be known as NatWest Group Plc, shedding the 300-year-old Royal Bank of Scotland name.

The Edinburgh-based lender said 80% of its customers bank with NatWest, which RBS bought in 2000, rather than through RBS branches. RBS also owns Northern Ireland's Ulster Bank.

The British government spent 45 billion pounds bailing out RBS after the 2008 crisis, and still owns a 62% stake in the bank.

Since the crisis, RBS has dramatically scaled back its global aspirations.

Chairman Howard Davies said that “as the bank has evolved from the financial crisis and the bailout, we have focused on the NatWest brand.”

“We have exited a lot of the international business which were not profitable. That was branded RBS and that's gone,” he said. "It really makes no sense for us to continue to be called RBS. It was designed for a global group of brands, which we no longer are."

Advertisement

Published February 14th, 2020 at 18:37 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement

Trending Quicks

UFC Exclusive Erin Blanchfield
3 minutes ago
Shahjahan Sheikh in CBI Custody: First Visual Emerges | WATCH
5 minutes ago
Congress Kangana Ranaut
9 minutes ago
Bengaluru Traffic Restrictions For Feb 25 Owing to Constitution Awareness Campaign: Check Routes
13 minutes ago
Mandi Lok Sabha seat Pratibha Singh
14 minutes ago
Crew
14 minutes ago
Palestinian President Mahmoud Abbas has announced the formation of a new PA cabinet.
16 minutes ago
नाबालिग से गैंगरेप
16 minutes ago
rupees-dearness-allowance
18 minutes ago
Chandrakant Pandit and Gautam Gambhir
21 minutes ago
Advertisement
Advertisement
Advertisement
Whatsapp logo